The habit of saving money should be promoted from the tender age of 11. There are many ways parents can teach their kids to start saving money for the future. It is a healthy habit that will pay off, quite literally, in the long journey of life. Various banks and credit providers provide various facilities for kids’ savings accounts. That allows your kids or teens to upgrade their savings method from a piggy bank to a bank account. Whether as a parent you want to build your child’s balance or your child needs a bank account, their income from an allowance or a part-time job, a youth savings account helps to get this opportunity to earn some interest, while also learning how to bank and build a savings habit.
To select a kids’ savings account, being a parent you always want to focus on the interest rate, any fees or minimum balance requirements and policies, the way you and your child can access the funds, and how the account can grow with them as they get mature.
Here we are listed some of the best minor savings accounts which will help to choose the best.
SBI Savings Account for Minors
State Bank of India (SBI) is the well known public sector bank of India that provides a wide range of financial features to customers. When we talk about Savings Account for Minor, SBI offers two different banking schemes named ‘Pehla Kadam’ and ‘Pehli Udaan’ that provide children to understand the significance of money management. While ‘Pehla Kadam’ Savings Account is focused and designed for minors of any age, ‘Pehli Udaan’ is for those who belong 10 to 18 years of age and can sign uniformly.
HDFC Bank Kids Advantage Account
When we talk about the top private banks of India, the name of HDFC Bank will always be find mentioned. HDFC Bank also offers Savings accounts for Minors under their category HDFC Bank Kids Advantage Account. This account can provide your children build a habit of money management. The most exciting thing is it can be started with a minimum amount of INR 1,000 a month. There are several benefits like ATM-cum Debit Card, Insurance facility, etc. Your kid will have limited access to funds until the age of 18. The parent/guardian must have an HDFC Savings Bank Account to open their HDFC Kids Advantage Account.
ICICI Bank Young Stars Account: Savings Account for Minors
ICICI Bank is one of the known private banks of India, it also provides Savings Account for Minor that helps children learn important money-saving skills from an early age. With its ICICI Bank Young Stars Account, as a parent, you can open and operate a minor savings account to plan and build your child’s financial future. In this Savings Account for Minors, a person can avail of various amazing features.
Bank of Baroda Kids Bank Account
Bank of Baroda has established itself as a stronger public bank. It has a wide range of banking products, Bank of Baroda offers savings account for Minors to children below 18 years of age. If you are a parent and want to provide a wonderful money-saving habit to your kid, a Bank of Baroda Champ account can act as a perfect option for you. With this account, you will not need to pay any processing charges on the School Fee payment with Demand Draft (DD) or NEFT or IMPS for a maximum amount of INR 1 lakh per month.
Axis Bank Future Stars Savings Account
One of the leading private banks of India, Axis Bank offers an exclusive banking feature for your kids with its Future Stars Savings Account. This Savings Account for Minors from Axis bank, you can give your children a stable financial head start. Your kid will also get to know the importance of handling money responsibly. Some special and unique features make this Savings account different in the market. One of them is if your child is above 10 years of age, he or she will get Debit Card with his/her favourite image on the card on having an Axis Bank Future Savings account, this will encourage kids towards banking services also it will develop a habit of keeping a card with responsibility.
Kotak Mahindra My Junior Account
Kotak Mahindra Bank is famous for its unique and special banking services and when we are talking about the Savings Account of Minors, we must include its My Junior Account. This account will help in developing a saving habit in your children at an early age. And not only this, this savings account for minors is an amazing way to get several benefits in Dining, Entertainment and Shopping on the famous Kids brands like Firstcry, TINKLE, Freshmenu, etc.
For an account that pays interest, offers a well-developed parent- and kid-focused mobile experience, and provides an easy road for your child to advance to teen checking, Capital One has all of your bases covered. But there are other best minor accounts if you instead prioritize maximizing earned interest, or taking advantage of incentives and rewards that will encourage your child to save more.